With so many options, choosing a bank and a tariff in Singapore seems challenging. We compared the most startup friendly tariffs in the popular banks in Singapore and found out what you need to open a corporate bank account for a local company.
What do I need?
It depends on the bank, your passport, and the nature of your business. In some cases, Singaporeans and PRs can open a bank account without any documents and signatures, but normally one will need the following papers:
- Certified copies of the Passports/ICs of all the company directors, signatories, and UBOs (ultimate beneficial owners — the real owners or people who take the profit of the company).
- Residential address proofs of directors, signatories, and the ultimate beneficial owners. These documents must be dated within the last 3 months. For example, you can use your tenancy agreement, telecommunication or utility bill.
- A certified copy of the Certificate of Incorporation.
- A certified copy of the Company Business Profile from the Registrar of Companies.
- A Board of Directors Resolution sanctioning the account opening and signatories of the account. This document is prepared by the company secretary.
- A certified copy of the Company Constitution.
- Bank account forms signed by signatories.
The copies of all the documents must be “Certified True” by one of the directors or a secretary.
Note that sometimes banks ask for additional documents not mentioned above, so be ready to invest time in digging those out.